Part II Regulation of Insurance Companies
Powers of intervention
46 Notice of proposed exercise of powers on ground of unfitness of certain persons.
(1)
Before exercising with respect to a company any power or powers conferred by sections 38 to 45 above on the ground that F1theywould be prohibited from issuing an authorisation to the company because of the unfitness of a person for the position held by him (not being that of controller of the company), the F2Treasury shall serve on that person a written notice stating—
(a)
(b)
(2)
Unless the F2Treasury , after considering any representations made in accordance with subsection (1) above by the person served with a notice under that subsection, F4decide not to exercise the power or powers in relation to which the notice was served, F5they shall before exercising the power or powers serve on the company a written notice—
(a)
containing the matters mentioned in paragraphs (a) and (b) of that subsection, taking references to the person there mentioned as references to the company; and
(b)
specifying the power or powers which F6they propose to exercise and, if the power or one of them is that conferred by section 45 above, specifying the manner of its proposed exercise.
(3)
(4)
Where representations are made in accordance with this section the F2Treasury shall take them into consideration before exercising the power or powers in question.
(5)
A requirement imposed on a company in the exercise of any power or powers to which this section applies may be framed so as to come into effect after the expiration of a specified period (or such longer period as the F2Treasury may allow) unless before the expiration of that period the person whose fitness is in question has ceased to hold the position concerned.